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The charging or writing off of a debt is only a required accounting entry by the creditor.
It does not effect you, or change the amount you owe, or that you owe it.
It does not change any of the legal methods to force collection that were available before making the entry. It does not change any of the creditors rights, or change your obligation in it. The debt is NOT forgiven.
All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. they are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will ay, and the asset does not exist (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
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If you close a credit card can a merchant still charge the account?
No, if you close your credit card, a merchant will not be able to charge the account. When the merchant attempts to get an authorization, it will come back declined.Now, if a merchant received an authorization before the card account was closed, the authorization will be honored.A merchant may attempt to force a credit card transaction without an authorization, but the credit card company will not pay it.http://paymenttransactionsystems.comhttp://merchantpos.net
Can a credit card company allow a charge on an inactive credit card?
Sure they can. Inactive means it hasn't been used for a while, but it is still a valid account.
How does a credit card account differ from a checking account?
A credit card account comes with a credit card, which can be used to authorize purchases of any value. The checking account does not come with a credit card and is used for issuing checks.
What is the difference between a checking account and credit card account?
checking from bank fund & credit card prepaid by credit
When does a credit card issuer charge off an account after the account has been closed?
Usually 180 days after DLA. Be advised a charge off does not indicate that the debt is not valid and subject to collection procedures.
Is the physical card required for a thief to charge to my credit card account?
No the physical card is not required to charge to your credit card account. All they need is the credit card number and back code. So yes they can charge things to your card.
How can I stop the charge when I can't recognize that charge in my credit card account?
Contact your bank or credit card company.
What is an American express card a charge card or credit card?
Credit Cards are a type of charge card. American Express is a charge card brand that offers both credit and debit cards. It depends on the account type of the person using it.
If you close a credit card can a merchant still charge the account?
No, if you close your credit card, a merchant will not be able to charge the account. When the merchant attempts to get an authorization, it will come back declined.Now, if a merchant received an authorization before the card account was closed, the authorization will be honored.A merchant may attempt to force a credit card transaction without an authorization, but the credit card company will not pay it.http://paymenttransactionsystems.comhttp://merchantpos.net
When can a credit card company charge off your account?
after 30 days or sooner
If you run out of money on your playstation network account does the charge go to your credit card?
If you've added a credit card, in the case of a purchase that exceeds the funds in your PSN Wallet, the difference will be charged to your credit card. If you don't have a credit card associated with the account, then you will simply be unable to complete the transaction.
Can they charge you an over the limit fee if your credit card is closed?
Yes, if the charge was made prior to closing your account.
Can you get debt with a debit card?
Yes you can. It would be limited because when you use your debit card it checks for your balance in the checking account. If you you have it linked to your saving or to a credit card than it will reduce your savings account first and then charge the credit card.
Can a credit card company allow a charge on an inactive credit card?
Sure they can. Inactive means it hasn't been used for a while, but it is still a valid account.
If a credit card account has been sold can the new company continue to charge interest?
in fact they do
How do you get a second life account without a credit card?
A basic Second Life account does not require any credit card details or payment information. Premium membership does however incur a monthly charge.
I-tunes charge to credit card?
You can have itunes charge to your credit card or buy a prepaid card either a itunes card or a prepaid credit card ...
